What’s the best way to sell farm equipment? 10 questions to ask

If you need to sell farm equipment, there are a lot of options out there: auctions, online marketplaces, listing services, private sale, and more. It can make deciding how to sell an overwhelming task.

Ritchie Bros. has put together 10 questions you should ask when narrowing down the best sales channel for your situation.

Ultimately, you’ll want to take into account your needs on timing of sale, asset pricing, who has the most marketing reach, industry expertise, and other factors that will help you meet your business goals.

1. What selling channel is best for ag equipment?

Different sales methods have different benefits: fast, easy, convenient, certainty of sale, higher returns, and more. Find a method that fits your selling needs and a company that will help you put a plan together to achieve them. Find out if they offer multiple ways to sell, and can their plan include a combination of sales channels.

2. What’s included in your fee or commission?

The cost and time involved in selling can add up quickly and cut into your net returns – storage, buyer inquiries and inspections, photos, advertising, payment collection and more. Find out exactly what you get for your money and if there are any hidden or extra costs involved. A full-service solution can save you money and time. If you’re willing to invest the time, and want control of the selling process and price, an online platform can work well too. Or you can explore selling privately via a listing service if you want a fully self-serve experience.

3. Can you help me with things like appraisals, inspections, repair, etc?

Find out what other services are offered that will help make the process easier and get you better returns on your equipment.

4. How will you get me the best possible price for my equipment?

Marketing is key to a successful sale. If you want the best return for your valuable assets, make sure your ag equipment is exposed to the right people in the right industry sector – like farming.

Through well-planned, targeted marketing and advertising that makes use of the appropriate channels, or a combination of several, including print, online, and social media for example. Ask to see statistics about marketing reach, website views, social media audience numbers etc.

5. Will potential buyers be able to inspect and test my farm equipment?

Buyers who can inspect and test your equipment at their convenience will have more confidence in what you’re selling, and are more likely to buy closer to the price you’re looking for. Find a company that will store your equipment and handle buyer inquiries and inspections.

Or, if you decide to sell from your own location or business, try to make yourself available and be sure there are detailed descriptions available online along with lots of high-resolution photos for potential buyers. You can also have professional equipment inspectors compile comprehensive reports on your machines, which will give buyers added confidence.

6. How many buyers do you typically attract?

More interested buyers mean better returns on your equipment. Ask for actual sale results and specific numbers of active buyers and/or unique website visitors. Ask to see samples of similar machines recently sold and their selling prices. A company with more buyer reach will net you the best returns.

7. Is it easy for people to buy my farm equipment?

You will reach more buyers by selling your equipment to a global audience and offering a choice of easy buying methods (including buying at a physical location or online, as well as offering financing and other services like shipping). Giving people different options creates more demand and allows buyers from across the country and around the world to purchase your equipment.

8. Can you tell me when my equipment will be sold, and when I will get paid?

Idle equipment isn’t making you money, and it may cost you money too in storage, insurance, even depreciation. Find out if your equipment will be sold by an agreed-upon hard date, and if you’ll get the proceeds in a reasonable time frame. If time isn’t an issue for you, using an online platform and taking offers from potential buyers means you can pick and choose the timing and sale price as it suits you.

9. Can you sell my ag equipment directly from my farm?

When it’s time to sell your ag equipment, farmland, or both, you need an auction company you can count on – one with the experience, market knowledge and a solid reputation for helping farmers get the best returns possible.

Look for a company with an all-inclusive service that saves you time and hassle, so you can focus on running your business.

10. Should I start planning for what comes next after selling my farm equipment?

It’s important to think about what comes next if you are planning to sell all your farming equipment and perhaps retire. Look for a company that can provide guidance during the important transition to help guide you through every step of this journey.

Find a company that can offer comprehensive support to ensure a successful transition, helping you navigate the post sales landscape.

Sell your farm equipment or land with Ritchie Bros.

Ritchie Bros. has decades of experience selling ag equipment in Canada and knows the market intimately. We have a dedicated farm sales team with experience working in the ag industry.

An experienced, knowledgeable company that understands your business, sells a lot of your type of equipment and has good industry relations will make all the difference when it comes to getting the returns you want and need.

Ritchie Bros.’ exciting on-farm-auctions are the class of the industry, but today they also offer Marketplace-E, an always-on digital marketplace that gives customers more control over price and how they buy and sell equipment, and Ritchie List, a self-serve listing service for private sale.